HSC Production Management and Marketing 2nd Paper 5th Chapter Note Product and Pricing of Product
HSC Production Management and Marketing 2nd Paper 5th Chapter Note Product and Pricing of Product. One of the secrets to business success is pricing your products properly. Price your products correctly and that can enhance how much you sell, creating the foundation for a business that will prosper. Get your pricing strategy wrong and you may create problems that your business may never be able to overcome. “It’s probably the toughest thing there is to do,” says Charles Toftoy, associate professor of management science at George Washington University. “It’s part art and part science.”
HSC Production Management and Marketing 2nd Paper 5th Chapter Note Product and Pricing of Product
There are a variety of different types of pricing strategies in business. However, there’s no one surefire, formula-based approach that suits all types of products, businesses, or markets. Pricing your product usually involves considering certain key factors, including pinpointing your target customer, tracking how much competitors are charging, and understanding the relationship between quality and price. The good news is you have a great deal of flexibility in how you set your prices. That’s also the bad news.
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